TWC Enterprises Limited Announces Third Quarter 2025 Results and Eligible Dividend

Core Insights - The company reported a significant decrease in net earnings for the three months ended September 30, 2025, amounting to $16,929,000, down from $42,719,000 in the same period of 2024, primarily due to unrealized losses on investments [11] - Operating revenue increased by 15.5% to $76,699,000 for the three months ended September 30, 2025, compared to $66,383,000 in 2024, largely attributed to the acquisition of Deer Creek [7][6] - Direct operating expenses rose by 12.8% to $51,980,000 for the same period, reflecting increased costs associated with the Deer Creek acquisition [7] Financial Performance - For the three months ended September 30, 2025, basic and diluted earnings per share decreased to $0.70 from $1.75 in 2024 [11] - Net operating income for Canadian golf club operations increased to $26,031,000 for the three months ended September 30, 2025, up from $21,304,000 in 2024, driven by the Deer Creek acquisition and increased golf revenue [8] - The company recorded an unrealized loss of $1,707,000 on its investment in marketable securities for the three months ended September 30, 2025, compared to a gain of $24,839,000 in 2024 [10] Operational Highlights - The acquisition of Deer Creek, completed on February 3, 2025, contributed to increases in both revenue and operating expenses, particularly in golf, corporate events, and food and beverage [6] - Championship rounds in Canada increased to 626,000 for the three months ended September 30, 2025, compared to 567,000 in 2024, indicating strong demand [2] - The number of Canadian full privilege golf members remained relatively stable at 15,397 compared to 15,414 in the previous year [2] Revenue Breakdown - For the three months ended September 30, 2025, operating revenue components included annual dues of $18,666,000, golf revenue of $23,537,000, and food and beverage revenue of $19,831,000 [4] - For the nine months ended September 30, 2025, total operating revenue was $179,023,000, down from $193,912,000 in 2024, with notable declines in real estate revenue [4] Segment Analysis - Net operating income for the US golf club operations segment showed a loss of $199,000 for the three months ended September 30, 2025, compared to a profit of $26,000 in 2024 [3] - Corporate and other segments reported a net operating loss of $1,113,000 for the three months ended September 30, 2025, compared to a loss of $1,046,000 in 2024 [3]